The detection of common fungal contaminants such as Aspergillus, Penicillium, and Fusarium and their mycotoxins like aflatoxins, ochratoxins, and fumonisins in food matrices is a critical concern in food safety due to the health risks. These mycotoxins cause carcinogenic, nephrotoxic, and immunosuppressive effects. Several traditional analytical methods are used for the detection of these fungi and their toxins. Traditional methods are accurate, complex, time-consuming and require high resources. Because of the above, their use for rapid and large-scale testing of fungi and associated toxins are limited. To reduce these limitations, a powerful alternative is the use of immunosensors because they are based on the specificity of antigen–antibody interactions for sensitive, rapid, and cost-effective mycotoxin detection. Some of the latest discoveries in nanotechnology and miniaturization further enhanced sensor performance and made on-site rapid testing feasible. Developing proper regulatory guidelines for food safety, immunosensors exist as an effective and rapid method to detect and qualify fungal contamination and their toxins. The use of immunosensors for food safety has potential to enhance intensive care, reduce risks of contamination during storage, and act as a safeguard for public health.